Gold, silver ETFs fall up to 3.6% as metals slide on Fed rate-hike fears

Gold and silver ETFs fell sharply on Monday, with silver funds dropping up to 3.6 percent, as rising crude oil prices fueled inflation concerns and strengthened expectations of further US Federal Reserve rate hikes. Silver ETFs led losses, with SBI Silver ETF down 3.59 percent and Nippon India Silver ETF falling 3.57 percent, while gold ETFs dropped over 2 percent. Spot gold fell 2.1 percent to $4,198.10 an ounce, and spot silver lost 3.4 percent to $62.08. The sell-off followed Brent crude jumping 3.29 percent to $107.75 a barrel after US President Donald Trump rejected an Iranian proposal. Traders priced a 68 percent probability of another Fed rate hike in October, as higher rates raise the opportunity cost of holding non-yielding assets.